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Austrian Security Exchange Commission issues discussion paper on interim reporting

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27 Oct 2001

The Austrian Security Exchange Commission (ASEC) has issued a discussion paper regarding interim reporting. The regulations in force at the moment conform to the interim report EU-directive.

Since ASEC does not consider these European regulations to provide sufficient information to the interested readers of interim reports, the discussion paper was prepared. The suggested regulations on the minimum structure and content of interim reports are supposed to become operative as of January 1, 2002.

The discussion paper proposes a requirement for quarterly reports to be prepared and published on a year-to-date basis for each of the first 3 quarters of the year. The discussion paper does not require the compliance with a specific interim reporting standard (eg IAS or US GAAP), since ASEC would not be able to reliably check this at this stage.

The reporting enterprise would be required to publish interim reports immediately after completion or, at a minimum, within 2 months of the reporting date. Moreover, the interim report would be required to be made available on the internet via the home page of the reporting company. One copy would also be required to be submitted to ASEC.

The interim report would be required to include at least the following content and data:

  • Balance sheet: As at the end of the current interim period with comparative figures at the end of the preceding financial year; the balance sheet would be required to follow either IAS or US-GAAP interim reporting requirements.
  • Income statement: Current interim period and year to date information with comparative figures for the comparable interim period (current and year to date); either of the disclosure methods regulated in Austria can be used (Total cost and Cost of sales approach).
  • Cash-flow statement: Year to date information for the current period with corresponding comparative figures; at a minimum the cash flows from operating, investing and financing activities shall be presented, the total reflecting the change in cash and cash equivalents, for which opening and closing balances should be disclosed.
  • Statement of changes in equity: Year to date information for the current period with corresponding comparative figures.
  • Other information required by the Austrian Securities Exchange Act: Details of current situation, development of costs and revenue, investment, revenue breakdown, number of employees, events of particular significance, which could effect business operations, interim dividends (distributed or proposed)
  • Notes: At a minimum, information on material extraordinary events, material seasonal effects, and the outlook for the current financial year would be required to be provided. If the quantitative information was audited or reviewed by an auditor, the audit or review opinion would be required to be included.

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